GST is an indirect tax that came in India on 1st July 2017. This indirect tax is for the whole nation that would make India one unified common market. This tax levied on the supply of goods and services. It also replaced many taxes that previously existed in India. In case your business does not require GST registration or your business is closing down then you can apply for cancellation of GST registration.
Once the application for GST registration is made to the department, the taxpayer will not be liable to file GST returns anymore and will not bear any penalties or face consequence for non filing of returns.
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Cancellation of GST means when a taxpayer is no more eligible for paying GST charges. Apart from eligibility, there are many other reasons for cancelling GST registration.
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